< The 2016 Tech 50

The gap between the legacy systems of financial industry incumbents and the sleek apps that appeal to younger, more mobile demographic groups is closing. One reason, says Stephane Dubois, is that older institutions simply can no longer afford to run on their outdated software, so they are now open to alternative fintech solutions like Xignite’s market-data cloud. “The technology that financial companies built in the 1990s and 2000s is getting thrown away,” says the Xignite CEO. “They can build on top of legacy technology, but eventually infrastructure will cost the large banks millions, if not billions, of dollars.” Old and new find common ground — to be more exact, a common cloud — in Xignite. More than 1,000 customers, ranging from Nasdaq and Wells Fargo & Co. to Betterment, Robinhood and Wealthfront, rely on Xignite’s cloud network for data distribution and application programming interfaces (APIs) to push new-product and mobile strategies. Cloud, though maturing, is still a “big thing, and particularly critical to the market data industry,” says Dubois, 52, a native of Rennes, France, who started San Mateo, California–based Xignite in 2000. He says demand for the platform is doubling every six months as it allows users to accelerate innovation and reduce operating costs by freeing them from the need to own and maintain hardware. The company has raised $37 million in venture funding, capped by a $20.5 million Series C round in February led by financial data company QUICK Corp., part of Tokyo-based Nikkei. QUICK will be partnering with Xignite to expand in Asia. Dubois says an alliance with FactSet Research Systems, announced in 2014, has proved “very critical for us,” resulting in rollouts of APIs that are among Xignite’s most successful products to date.

Visit The 2016 Tech 50: Making Financial Services Faster, Cheaper, Bigger for more.

 
The 2016 Tech 50

1. Catherine Bessant Bank of America Corp. 2. Jeffrey Sprecher Intercontinental Exchange 3. Lance Uggla Markit Model Portfolios to Deliver Alternative Asset Exposure Sponsored by BlackRock April 29, 2025 4. Phupinder Gill CME Group 5. Shawn Edwards and Vlad Kliatchko Bloomberg 6. R. Martin Chavez Goldman Sachs Group

7. Robert Goldstein BlackRock 8. Adena Friedman Nasdaq 9. Deborah Hopkins Citi Ventures 10. Daniel Coleman KCG Holdings 11. Stephen Neff Fidelity Investments 12. David Craig Thomson Reuters

13. Michael Spencer ICAP 14. Michael Bodson Depository Trust & Clearing Corp. 15. Charles Li Hong Kong Exchanges and Clearing 16. Chris Concannon BATS Global Markets 17. Blythe Masters Digital Asset Holdings 18. David Rutter R3CEV

19. Neil Katz D.E. Shaw & Co. 20. Lee Olesky Tradeweb Markets 21. Richard McVey MarketAxess Holdings 22. Seth Merrin Liquidnet Holdings 23. Robert Alexander Capital One Financial Corp. 24. Brad Katsuyama IEX Group

25. Antoine Shagoury State Street Corp. 26. David Gledhill DBS Bank 27. Lou Eccleston TMX Group 28. Andreas Preuss Deutsche BÖrse 29. Dan Schulman PayPal Holdings 30. Scott Dillon Wells Fargo & Co.

31. Mike Chinn S&P Global Market Intelligence 32. Craig Donohue Options Clearing Corp. 33. Gary Norcross Fidelity National Information Services 34. Steven O'Hanlon Numerix 35. Sebastián Ceria Axioma 36. Michael Cooper BT Radianz

37. Tyler Kim MaplesFS 38. Neal Pawar AQR Capital Management 39. David Harding Winton Capital Management 40. Chris Corrado London Stock Exchange Group 41. Brian Conlon First Derivatives 42. Jim Minnick eVestment

43. Stephane Dubois Xignite 44. Mazy Dar OpenFin 45. Yasuki Okai NRI Holdings America 46. Kim Fournais Saxo Bank 47. Jock Percy Perseus 48. Robert Schifellite Broadridge Financial Solutions

49. Brian Sentance Xenomorph Software 50. Pieter van der Does Adyen